Denver Metro All Properties
- Median Sales Price $370,000 up 8.8% from September 2016 and down $1,000 from August of 2017
- New Listings 5,109 down -5.8% from September 2016
- Under Contract 4,589 up 3.2% from September of 2016
- Sold Listings 4,289 down -10.4% from September 2016
- Active Listings 7,134 down -12.6% from September 2016
- Median Days on Market was 10 days, an increase of 1 day from September 2016
- Average Sold to List Price % was 99.7% which was down slightly from a year ago
What really stands out to me for September is a 10.4% drop in the number of sold listings. Now, sold listings represent the demand on the market (along with under contract listings). Why this stands out is that there was a drop in Sold listings in August of 2017 with flat under contract. While I don’t have hard numbers to show this, my guess is we had a large number of properties fall out of contract and come back on the market. I am currently working with RE/Colorado on getting some measurable numbers on properties falling out of contract.
However, we are still in an increasing market with an 8.8% increase in the Median Sales price. And this is another example of the prices rising slower than last year. In September of 2016, prices increased 11.1% from 2015. So there are some signs the market is starting to stabilize.
Denver Metro – Condo/Townhome
- Median Sales Price $260,000 up 10.3% from September 2016
- New Listings 1,541 up 3.0% from September 2016
- Active Listings 1,701 up 5.5% from September 2016
- Sold Listings 1,256 down -10.7% from September 2016
- Median Days on Market was 8 days, which increased 1 day from September 2016
- Average Sold to List Price % was 100.0% which was the same as year ago
Denver Metro – Single Family
- Median Sales Price $400,000 up 6.7% from September 2016
- New Listings 3,568 down -9.1% from September 2016
- Active Listings 5,273 down -14.3% from from September 2016
- Sold Listings 3,033 down -10.3% from September 2016
- Median Days on Market was 12 days, which did not change from September 2016
- Average Sold to List Price % was 99.5% which was down slightly from a year ago
Breaking down the numbers between detached single family and condo/townhome, we are seeing the same slowdown in sold listings across the board. So the change in demand is spread evenly where in the past, we were still seeing an increase in demand in the condo/townhome market. This could very well just be an overall seasonal slowing we see each year. It will be very interesting to watch what happens with the market through the end of this year and into the next. Things do seem to be changing.
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